We have put together a blog on the top expenses our Contractors have claimed through their limited company during Covid-19.
Overall, the results are very interesting and give great insight into behaviours and thinking within the contracting community over the last 7 months.
With the forced move from office spaces to home working the majority of our clients have now kitted out their homes (and bedrooms) with desks, chairs and extra computer & communications equipment.
Unsurprisingly as a result, office furniture and computer equipment take the top 2 spending spots in our poll. Within that, the most popular items purchased were monitors and chairs to bring a professional and functional working feel as well as comfort to a home office set up.
Interestingly we have also seen an increase in clients taking out life cover through their limited company and setting up for a pension for a rainy day. Perhaps this is a sign of professionals reflecting on their futures and having a little more time to plan, but also demonstrates the income stability within our community to continue to invest in savings options even in turbulent times.
The top 10 expenses claimed since March 2020 were….
- Office furniture
- Computer & Mobile Equipment
- E-workers allowance & Home Utilities
- Upskilling with online courses & platforms
- Life Insurance Cover
- Hot desks hire
- Software Subscriptions, e.g. zoom
One glaring omission from the list is relocation expenses, which has dramatically decreased given the working at home guidelines in the past months and the restriction of movement. It will be interesting to see in the coming months if travel creeps back up the list from 10th place or if companies will fully commit to flexible remote working arrangements for the contracting community.
Looking at our list- are there expenses that you might you have missed out on claiming?
Speak to your Account Manager to help you maximise your allowances & make sure you have claimed for purchased items that you may not have considered as a business expense thus far!